A Maybank Personal Loan offers a hassle-free way to secure funds without the need for a guarantor or collateral. You can access higher financing amounts without having to worry about processing or stamping fees.
If you’re in urgent need of cash, Maybank offers swift approval, potentially within 48 hours once all necessary documents have been submitted. The approved loan amount will be transferred directly to your Maybank Current or Savings Account, making it a convenient option for borrowers.
With Maybank Personal Loan, you can borrow between RM5,000 and RM100,000, subject to a credit evaluation that considers your repayment ability, assets, and liabilities. Loan repayment terms are flexible, ranging from 2 to 6 years.
It’s important to note that once you submit your loan application, it’s considered an acceptance of Maybank’s offer. For example, if you request a loan of RM50,000 but are only approved for RM25,000, you must accept the amount offered and cannot cancel the loan agreement.
Once the loan is disbursed, your repayments will begin the following month. You are required to adhere to the payment schedule outlined in your repayment plan.
Maybank provides several payment methods, including online banking, cash or cheque deposits, over-the-counter payments at Maybank branches, telephone banking, and Standing Instructions.
If you wish to settle your Maybank Personal Loan early, it’s advisable to do so during the second half of the loan tenure. Settling the loan in the first half may incur a penalty fee of RM200 or 3% of the loan amount, whichever is higher.
Maybank offers an optional insurance policy, called the Personal Care Insurance Plan, which covers the outstanding loan balance in the event of unforeseen circumstances during the loan term. While it’s recommended for peace of mind, it is not compulsory.
Since Maybank Personal Loan is unsecured, no guarantor or collateral is required. Along with your application form, you will need to provide the following supporting documents:
Your eligibility for a Maybank Personal Loan depends on your credit history. All credit-related information, including any outstanding debts (credit card, personal loans, home loans, or car loans), is recorded in the CCRIS/CTOS system, which tracks your credit activity, not blacklist status.
If you have a poor credit history due to missed payments, it’s essential to improve your repayment habits to avoid future challenges. Maybank is more likely to approve your loan application if you demonstrate responsible financial management, rather than accruing more debt.
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